Shelter Bay Energy Inc. acquires shares of Painted Pony Petroleum Ltd.



    CALGARY, Aug. 6 /CNW/ - Shelter Bay Energy Inc. ("Shelter Bay") is
pleased to announce that it acquired ownership on August 5, 2008 of 4,110,000
Class A shares of Painted Pony Petroleum Ltd. ("Painted Pony"; PPY:TSX-V),
constituting 14.6% of the issued and outstanding Class A shares of Painted
Pony. Further to Crescent Point Energy Trust's press release dated April 11,
2008 announcing the acquisition of Painted Pony shares in consideration for
the sale of oil and gas assets in the Cameron River/Blair fairway in
northeastern British Columbia, these Class A shares were acquired from
Crescent Point Resources Limited Partnership for aggregate cash consideration
of $17,989,133.88. Shelter Bay now beneficially owns and controls 5,861,200
Class A shares of Painted Pony, which represents 20.8% of the issued and
outstanding Class A shares of Painted Pony.
    The acquisition occurred privately and not through any market. The Class
A shares were acquired for investment purposes and not with the purpose of
influencing the control or direction of Painted Pony. The shares were acquired
pursuant to an exemption from applicable take-over bid provisions of
securities legislation as they were acquired from a single holder at a price
not in excess of 115% of the market price of the securities.

    Shelter Bay is a privately held conventional oil and gas growth company
with assets focused in the four billion barrel high netback Bakken light oil
play in southeast Saskatchewan.

    SHELTER BAY ENERGY INC.

    Scott Saxberg
    Chief Executive Officer





For further information:

For further information: ON SHELTER BAY ENERGY INC. PLEASE CONTACT:
Trent Stangl, Manager, Marketing and Investor Relations, Telephone: (403)
264-0787, Toll free (US & Canada): 1-877-403-1678, Fax: (403) 264-1678,
website: www.shelterbayenergy.com

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SHELTER BAY ENERGY INC.

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